ICBC Horoscope Credit Card: Highest Unlimited Cashback Rates
ICBC Horoscope Credit Card: Highest Unlimited Cashback Rates
ValueChampion Rating 
Pros
- Unlimited cashback with no spend requirement
- Higher cashback rates abroad and at select retailers
- Annual fee waived for 3 years
Cons
- Lower cashback rate than cards with caps or spend requirements
- Higher local rewards only apply to dining and clothing shops
- S$150 annual fee higher than average
Offering unlimited cashback with no minimum spending requirement, the ICBC Horoscope Credit Card may be a perfect choice for people who spend more than S$3,000 a month, since that is when you can really take advantage of this card's uncapped rewards. With this card you can earn exceptionally high unlimited cashback rates of up to 3% on transactions made in other currencies, up to 2% at selected merchants in Singapore and 1% everywhere else. If you tend to spend mostly abroad you can earn at an unparalleled average unlimited cashback rate between 2% and 3%.
ICBC Horoscope Credit Card Features and Benefits
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Key Features:
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What makes the ICBC Horoscope Credit Card Stand Out?
One of the ICBC Horoscope card's greatest features is that there are no limits as to how much cashback you can earn. Furthermore, there are ways to spend at which you earn an exceptionally high average cashback rate on your monthly spending. The first and most rewarding way is to spend in a foreign currency. That way you will be rewarded with a 3% unlimited cashback rate. Note that spending abroad is not the requirement here: only the currency matters, meaning if you are being charged in a currency other than S$ even within Singapore you qualify.
There are also ways to optimize how much you earn domestically with the ICBC Horoscope credit card. There is a select group of merchants at which you earn 2% instead of the 1% for domestic spend in S$. Whether or not your spending falls into the right category of merchants is decided based on the Merchant Classification Code (MCC) that is assigned to the retail store by the acquiring bank, meaning the bank of the store at which you’re spending.
Be aware that the merchant’s registered MCC might not always be in line with the nature of the business. Any other type of qualifying transaction still earns 1%.
How Does ICBC Horoscope Credit Card Cashback Program Work?
ICBC Horoscope Credit Card Cashback Program allows you to earn S$1 for every S$ spent. All transactions will be rounded down to the nearest dollar for cashback calculation, and the rewards will be used to offset future transactions. In addition, keep in mind that:
- Cashback rewards will be credited to the account within 30 business days from the end of each month
- Cashback rewards must be used within 12 months from the date it is credited
- Cashback is automatically forfeited and is non-transferable when an account is closed
- Cashback withdrawn from your credit card account will be treated as a cash advance
ICBC Horoscope Credit Card Rewards Exclusions
The following credit card expenditures are ineligible for cash back or rebate:
- Bank fees
- Transfers and bill payments
- Institutional payments
Bank Fees All cash advances, fees and charges; annual fees, interests, late payment fees and charges, goods and services taxes or any other fees and charges incurred as a result of using the credit card; any transaction subsequently cancelled, void or reversed; any payment for any outstanding balance owing on the credit card account from previous and/or other months; any disputed transactions.
Transfers & Bill Payments Top-ups or payments to the following prepaid cards are also excluded: EZ-Link, Transit link, Moneybookers and any AXS transactions.
Institutional Payments Any securities brokers, dealers, trading, or forex related transactions; any payment of insurance premiums; school fees or any other education related fee transactions; any tax payments; any tax refunds credited into the credit card account (including supplementary credit card account).
Miscellaneous Any real estate related transactions; any POI funding transactions.
ICBC Horoscope Credit Card v. Citi Cash Back Credit Card
- Pros
- Great dining and groceries rewards
- High petrol discounts
- Cons
- Lacks shopping and entertainment rewards
- Not suitable for lower budgets
We think the Citi Cash Back Credit Card is the best fit for moderate spenders looking for cashback on everyday spend such as grocery shopping, dining and petrol. The base cash back offered by this card is 0.25% on all retail purchases, and up to 8% bonus cashback if you spend at least S$800 per month.
However, ICBC Horoscope Credit Card is a better choice for you if your monthly spend is below S$800 on these everyday purchases. While Citi Cash Back Credit Card offers base cash back of only 0.25%, ICBC Horoscope Credit Card offers 2% cashback on most purchases, with 3% cashback on foreign transactions and 1% cashback on all other transactions.
Another key advantage the ICBC Credit Card has over CIti Cash Back is that it doesn't have any cap on monthly cashback earnings, while Citi Cash Back Credit Card has a monthly cap of S$80. Ultimately, if you don't have a set monthly spending budget, and want to earn cashback both at home and abroad regardless of spend categories, ICBC Horoscope Credit Card is your best option.
ICBC Horoscope Credit Card v. UOB One Card
- Pros
- Good fit for budgets of at least S$2,000 per month
- Easy cashback on daily spend
- Gives rebates for paying bills
- Cons
- Doesn't fit inconsistent budgets
- Annual fee
Compared to the ICBC Horoscope Credit Card, the UOB One Card is a better fit for those who consistently spend at least S$2,000 per month and want cashback on daily spend and on bill payments. Spending at least S$2,000 per month for one quarter will unlock the highest cash rebate of 5% on all spend, capped at S$100 per month. Spending S$500 or S$1,000 per month for 3 months will earn you a rebate rate of 3.33% on all spend, 5% rebate on Grab, Dairy Farm and Shopee Singapore and 1% on utilities bills.
On the other hand, ICBC Horoscope Card is at a clear advantage if you don't have a fixed limit for your monthly spending and you don't want to be limited in your spending or earning potential. With a minimum of 1% and a maximum of 3% cashback, this card offers great rates for high or infrequent spenders as well as frequent travelers making several purchases in foreign currency.
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Zoryana is a Senior Research Analyst at ValueChampion, who focuses on evaluating credit cards, savings and fixed deposits in Singapore. She holds a BA in Political Science and an MPA in International Finance and Economic Policy, both from Columbia University. Prior to joining ValueChampion, Zoryana worked in treasury management consulting.